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Credit History
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Credit history is generally a temporal record of repaying debt. Additionally, credit history is an indication of one’s credit worthiness, and is measured by a FICO score developed by Fair Isaac Company. The FICO score ranges from 350 to 850, quantifying the probability of debt repayment. Credit history is reflected by a credit report, which is prepared and released by various credit bureaus. Major credit bureaus bearing credit history information include Equifax, Transunion, and Experian. Typically credit history reports contain personal information, as well as information from public records such as past lawsuits, judgments, and liens. Credit history also includes data from collection agencies, creditors, as well as credit inquiries by authorized parties. For banks and other landing institutions credit history is a vital financial device used to assess risk involved in credit extension.
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